How much does an accountant cost for a small business?
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KYLE FRONK, CPA CPA
The cost of an accountant for a small business can depend on a multitude of factors. A good starting point would be to determine just how small your business re ... Read more
accounting
What is the best way to integrate or connect paypal wiith QBO for shopify?
I recently took a new client who is a Shopify seller, he is using multiple gateways including Shopify payments and Paypal.
currently, his Paypal is connected with qbo and creating a mess due to duplicated transactions, I would like to ...
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Theladycpa CPA
Hi there, when you have a client with a large number of transactions running through Paypal I would not advise you to use the QBO to PayPal sync. As you stated ... Read more
What software and accounting method should I use for an Ecommerce business?
I am looking to start a website selling a podcast logo making service using Kartra web builder and sales funnels. I am first going to make an LLC. After that what is the best way to record my ...
What is the best type of business to set up for an international distributer
I have a client that is purchasing goods in the US and selling them to their clients in Chile. What are the tax implications for US & Chile? What type of business entity is best? He has a full ...
what it needs to be done in terms of submitting forms when a customer files for bankruptcy and the owed amount is written off?
Does written off customer balance (bad debt expense in our records) require submitting a form to inform necessary governmental bodies?
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Theladycpa CPA
Hi there once you are notified of the customer's bankruptcy and the amount owed to your company has been discharged in bankruptcy there is no notification you n ... Read more
LLC (single member) company is having a financial hardship due to pandemic, is not able to meet its obligations and considering to file for bankruptcy. how would it affect the member financially?
see above
What is the best way to record the New business Purchase under same LLC?
One of my clients who is an Amazon Seller recently bought an Amazon Seller Account / New business for approx $11,000. In this case what would be the best practice to record this purchase?
1) As an Asset in current ...
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Theladycpa CPA
Hi because the business is now under the same LLC you can record the $11K as an "other asset". There is no need to maintain separate books. Hope this helps, hav ... Read more
How do I add a promissory note to the balance sheet
A business was purchased and according to the Asset Purchase Agreement, none of the liabilities “belong” to the new company. What they have is a promissory note of $425,000 due to third party lenders. You have to set ...
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Theladycpa CPA
I do have a question if the liabilities were not purchased and do not "belong" to the company then typically they would note recorded at all. On a companies bal ... Read more
Which accounting method to define monthly salary?
I have a client with an S Corporation. His CPA told him to pay himself (on payroll) very month 65% of his net income. When I wanted to run the P&L I noticed there's a $1500 difference between accrual basis ...
How do I treat a Cashback Promotion our company is paying customers?
Hello,
We are a Tech Startup matching women with similar build, appearance and style, and looking to implement a Cashback promotion for customers who "shop the look" through our app, but I'm not sure how to book this in the ...
Referrals from customers/clients
What are some ways that other small businesses handle referrals for new clients? I want to provide something to the current client as a thank you.
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Theladycpa CPA
Hi, some small businesses send a gift basket with perhaps a thank you card for referrals if you don't have a specific referral fee (compensation plan) in place ... Read more